Digital transformation

Viet Nam is one of the leading nations in banking digital transformation. — Photo courtesy of VIB The pandemic has drastically changed the consumption behaviour of customers. That has been prompting banks to adapt. As digital transformation has become inevitable, banks have made greater efforts to put new technologies into practice in the digitalisation race. Currently, Viet Nam is one of the leading nations in banking digital transformation, Le Anh Dung, deputy director of the Payment Department under the State Bank of Viet Nam, said during a webinar entitled 'Banking industry as a pioneer in digital transformation: for the public to participate and benefit'. Among the country's remarkable achievements are the rate of technological adoption in banking operations which has increased by 40 per cent and mobile payments which have seen significant yearly growth of 90 per cent in volume and 150 per cent in value. Digital and payment ecosystems have been established by integrating … [Read more...] about Banks speeds up digital transformation

Vietnam is experiencing a shortage of domestic employees in mid and high-level management positions, so is looking overseas to recruit, according to a new report. Lenders look further afield for recruitment- illustration photo The Navigos Group report on the recruitment demand for mid- and senior-level personnel in Vietnam in the second quarter of 2022 said that there is a lack of Vietnamese candidates for jobs that require deep expertise. The report takes the banking industry as a prime example, looking at the ongoing demand for digital banking and risk management. The recruitment market in this field is increasingly heating up with a series of joint-stock commercial banks, especially the big four of Agribank, BIDV, VietinBank, and Vietcombank, continuously recruiting in extremely high numbers. The first half of 2022 saw a 20 per cent increase in job postings compared to the same period in 2021. The banking industry in recent years has been undergoing a digital … [Read more...] about Lenders look further afield for recruitment

Vietnamese consumers are more open to online insurance The State Bank of Vietnam’s recent interest rate hike to stabilise the VND and curb inflation has not dimmed the central bank's outlook for economic growth. Despite pandemic-related uncertainties, geopolitical instabilities, and rising inflation, the Vietnamese economy is expected to grow by 7 per cent in 2022, according to the IMF. Vietnam's insurance penetration rate remains between 2.3 per cent and 2.8 per cent, lower than in most emerging and developed markets. However, the insurance industry is embarking on a digital transformation journey that could transform the entire insurance value chain. Experts predict a compound annual growth rate of 23.7 per cent for the life insurance market between 2020 and 2025 and 8.5 per cent for the general insurance industry between 2021 and 2026 in terms of gross written premium. “With the goal of increasing Vietnam's digital economy’s contribution to 20 per cent of GDP by 2025, … [Read more...] about IXT released report on Vietnam’s insurance consumers

Late last month, FPT Semiconductor officially launched the first line of integrated circuit (IC) chips used in Internet of Things (IoT) products for the medical field. The ICs, which are designed in Vietnam and manufactured in South Korea, will be delivered to customers and current strategic partners in Australia, Taiwan, and China. Next year, FPT Semiconductor plans to supply 25 million chips globally in seven types to meet diverse needs in telecommunications, IoT, automotive technology, energy, electronics, and others. Vietnam picking up slack as hub for chips - illustration photo The chipmaker intends to deploy and supply Vietnamese chips to domestic corporations to develop sustainably and contribute to completing the supply chain of manufacturing equipment for users in Vietnam between 2023 and 2025. According to a Technavio report, Vietnam’s semiconductor industry is estimated to exceed $6.16 billion by 2024. According to US-based technological research and … [Read more...] about Vietnam picking up slack as hub for chips

A survey of the Viet Nam Information Security Association showed that more than 50 per cent of cyber attacks are aimed at banks and financial institutions. — Photo VnEconomy Experts will share experience in cyber security in the banking and financial sector during an exercise slated for October 11. DF Cyber Defence 2022 aims to equip officials in charge of ensuring information safety in banking and financial organisations with new tactics, the National Cyber Security Centre (NCSC) under the Ministry of Information and Communications said on October 5. The event will be co-organised by the Information-Technology Department at the State Bank of Viet Nam (SBV), NCSC and IEC Group. The organisers said more than 50 banking and financial organisations have registered to participate in the exercise, with 200 cyber experts. In a study titled ‘Cybersecurity risks in digital banking: The case of Viet Nam’, Phan Chung Thuy from the University of Economics Ho Chi Minh City, said in … [Read more...] about Cyber defence exercise in banking, finance sector to be held next week